My recommendation: You did not indicate why you were interested in a change, but I would likely stick with QuickBooks as a professional, corporate accounting package better in tune with LLC needs. The 2018 program is the first to bring the rental features into the Home&Business package rental had been a separate package. That is, they had not found the rental property features advantageous for what had been a significant price premium. Some regular posters to this site do manage their own rental investments without using the top-end Q-HBRP edition - again personal rather than corporate interest.
Much of my bias with regards to those features comes from reading questions about those features on this site (and its predecessors). You'd want a separate payroll package.įinal caveat: Although I have used the Rental property edition, I am not a serious experienced rental property investor and I am not currently using that aspect of the program. The program can handle you writing payroll checks, but not internally manage the calculations for the payroll. Payroll, if these LLCs have employees, is also not a feature managed within the Quicken program. I'll suggest that the rental property aspects are more in line with an individual (personal) managing some rental investment property (a duplex, a couple of rental houses, a six unit apartment, etc.) rather than a company managing a 100 unit apartment complex. You have not identified the number of rental units per property - could be one, could be 100. While that is far easier than making a double entry general journal entry, the idea is frowned upon by serious, responsible, and ethical accountants.Īlso in the personal context, the program does not conveniently support ownership draws, multiple ownership interests (capital accounts), and K-1 preparation. The personal nature also goes the direction of not closing a period the user can essentially go back to any transaction and make a change. Tax support is oriented toward Form 1040 schedules (B, C, E, etc.). As such, accounting considerations such as double entry and general journal entries are foreign or hidden concepts.
Quicken in all forms is personal finance software, not accounting software.
It will be doing so on a LLC basis rather than a property basis supporting the possibility that a single LLC could own multiple properties (not your current case).Īlso, is there a mechanism to add adjusting journal entries, which are done by the accountant after the tax returns have been prepared?You can "adjust" the entries effectively making general journal entries, though there is not a general journal ledger. The Q-HBRP edition will generate Balance Sheet and P&L statements as part of its "Business" functions. I would like to know if the Quicken 2018 Rental version will accommodate this structure, and allow us to generate P&Ls and Balance Sheets for each property.You would likewise want to and be able to set it up as one file for each one company (LLC) in Quicken. We currently manage this with QuickBooks, one company file per property.